The global conversational AI market expected to exceed US$ 16 Billion by 2024
Global AI-driven conversational search platform, Zoovu, announced that it has acquired Belgium-based company, Clever. This move enhances Zoovu’s current offering by adding NLP and a sophisticated Intent Engine.
According to Market Research Engine, the global Conversational AI market is expected to exceed more than US$ 16 Billion by 2024 at a CAGR of 30% in the given forecast period.
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Clever is a conversational search company that specializes in unstructured search. The addition of these capabilities to the Zoovu platform increases the lead conversion rate that Zoovu can deliver.
Rob Mullen, CEO, Zoovu, says: “The acquisition of Clever enables us to accelerate our scaling of the company, acquire new IP and secure access to some exceptional talent. This, combined with our own disruptive conversational search platform is likely to see our growth trajectory more than double. More importantly, it means we can provide the best-in-class conversational technology to brands at a time when we are seeing real demand from the industry.”
Maarten Verschuere, managing director, Clever, adds: “We are delighted about the acquisition from Zoovu and look forward to a collaborative future together. Zoovu is forging ahead with being a disruptive force in the conversational search space, and it was a logical and natural fit to combine forces to accelerate our market leadership position and growth journey.”
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This acquisition comes one year after Zoovu secured $18 million in series B investment, and just months after the opening of its new office in Berlin at the end of last year, as the company continues to expand globally into new regions.
Bao-Y Van Cong, venture partner at Target Global, and Zoovu Board Member comments: “The size of the conversational search market is only going one way – up. As businesses begin to realize the benefits to the bottom line this technology can have, the acquisition of Clever means Zoovu is ideally placed to capitalize on its growth. It’s not a case of if Zoovu becomes a market leader in this category, but when.”
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